Bargaining Set

The bargaining set refers to a concept in negotiation and game theory where a group of participants tries to reach an agreement that satisfies everyone involved. It encompasses all possible agreements that parties can propose, aiming to find a solution that is acceptable to all, with no one feeling worse off. The set represents a range of potential outcomes, helping to identify fair agreements. In essence, it’s about recognizing mutual interests and ensuring that any proposed solutions respect the needs and preferences of all involved, facilitating more effective and cooperative negotiations.